The Law Firm of Mark McDaniel can help you establish the following:
1. Will
A will is also known as a "last will and testament." This conveys your final wishes involving property and assets, allows you to name an executor, name guardians for minor children, and can provide instruction regarding your pets.
A will is also known as a "last will and testament." This conveys your final wishes involving property and assets, allows you to name an executor, name guardians for minor children, and can provide instruction regarding your pets.
2. Living Will - This is an advance directive for health care decision making that lets family and medical staff know clearly what you want done by doctors and other medical staff in situations where you can no longer make those decisions yourself.
The Living Will addresses the following kinds of issues:
The Living Will addresses the following kinds of issues:
- Quality of Life Directives - Makes your will known on issues such as having life prolonged if you are in a state of permanent unconsciousness or are dependent for all life activities.
- Treatment Directives - Makes your will known on issues such as if you want CPR to be performed, if you want to be kept alive by means of life support and/or tube feeding.
- Organ Donation Directives - Makes your will known on if you want to make any anatomical gifts of organs or of your body.
3. Power of Attorney
This document allows you to appoint someone to manage your financial affairs if you become unable to do so for yourself. Powers of attorney can be drafted to allow for different levels of control over your affairs.
This document allows you to appoint someone to manage your financial affairs if you become unable to do so for yourself. Powers of attorney can be drafted to allow for different levels of control over your affairs.
4. Medical Power of Attorney
This is also known as an Appointment of Health Care Agent Form. This allows you to make advance directives about who can make medical decisions for you if you are unable to make these decisions yourself. This can save families great heartache in situations where a family members may disagree on these decisions and feel they need to advocate for you.
This is also known as an Appointment of Health Care Agent Form. This allows you to make advance directives about who can make medical decisions for you if you are unable to make these decisions yourself. This can save families great heartache in situations where a family members may disagree on these decisions and feel they need to advocate for you.
frequently asked questions
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Why do I Need a Will?
What is the Statute of Limitations for Contesting a Will?
Tennessee has a two year statute of limitations to set aside the probate of a will. This two year statute of limitations is calculated from the date the order is entered admitting the will to probate. T.C.A. § 32-4-108 provides as follows: All actions or proceedings to set aside the probate of any will, or petitions to certify a will for an issue of devisavit vel non, must be brought within two (2) years from entry of the order admitting the will to probate, or be forever barred, saving, however, to persons under the age of eighteen (18) years or adjudicated incompetent, at the time the cause of action accrues, the rights conferred by § 28-1-106. |
How much of my estate is subject to Inheritance Taxes?
The Tennessee Inheritance Tax exemption was changed by legislation in 2012. The exemption amounts (by year of death) are as follows: 2015 - $5,000,000.00 2016 and after – The Tennessee Inheritance Tax is abolished. The Federal Estate Tax exemption: 2015 -Presently raised to $5,430,000.00. It is indexed to inflation and should go up each year. As a result, these taxes rarely apply when dealing with estate planning in Tennessee unless you have a very large estate. What is the Role of a Trustee in my Will?
Often wills direct assets to be paid to particular individuals including minor children. Money or property can be left to adult children, but if those adult children are deceased when the person who wrote the will dies, then potentially their minor children (grandchildren) could inherit assets. The trustee is the individual who would hold the money or assets on behalf of the minor child until the time the assets are distributed to the beneficiary at the appropriate time. Some large estates may use a trustee so that adult beneficiaries receive the money or property in stages rather than lump sums that might be wasted. This is an important job that needs to be taken seriously since a trustee has key fiduciary responsibilities, that if violated, can cause the trustee significant financial harm. |
